GOLF CLUB • KEW
Notes to the Financial Statements
For the Eight Months Ended 31 March 2014
18. Members’ Liability
The Company is limited by Guarantee. If the Company is wound up, the Memorandom of Association state that
each member is required to contribute a maximum of $2.00 towards meeting any outstanding obligations of the
Company. As at 31 March, the company had 1497 members.
19. Superannuation Commitments
Contributions are made by the Company on behalf of employees to superannuation funds. Amounts are
charged as expenses when incurred. Contributions are made to at least comply with the requirements of award
superannuation and constitute a minimum of 9.25% of earnings.
20. Financial Facilities
The Company has a variable rate Bank Bill Business Loan of $2,000,000 with its bankers Westpac Banking Corporation.
The facility expires July 2016. The facility is secured by a registered first mortgage over property at Elm Grove. The
maximum drawdown during the year was $380,000 however at balance date 31 March 2014 the facility was not
drawn.
The Company has an unsecured $1,000,000 member debenture facility which is payable on1 April 2015. The annual
interest rate is 6.5%.
21. Capital Expenditure Commitments
There are no outstanding capital expenditure contractural commitments.
22 Contingencies
In the opinion of the Directors, the Company did not have any contingencies at 31 March 2014 (31 July 2013: None)
23 Events Occurring After the Reporting Date
No matters or circumstances have arisen since the end of the financial year which significantly affected or may
significantly affect the operations of the Company, the results of those operations, or the state of affairs of the
Company in future financial years.
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